An empirical investigation of underpricing in Greek IPO’s: 1990-2003

Michael Glezakos and Dr. George Gotzageorgis

European Research Studies Journal, 2005, vol. VIII, issue 1-2, 3-20

Abstract: This paper discusses evidence on the initial underpricing of Initial Public Offerings in the Athens Stock Exchange, during the period 1990-2003. Differences in average initial returns are analyzed in terms of differential IPO characteristics. The findings suggest that in the Athens Stock Exchange there exists a relatively high degree of information asymmetry. The findings are similar to those, which have been observed in the majority of the emerging markets.

Keywords: Initial public offerings; underpricing; asymmetric information; Greece (search for similar items in EconPapers)
JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:viii:y:2005:i:1-2:p:3-20

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